Wisconsin Statutes 701.0705 – Resignation of trustee
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 701.0705
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1) A trustee may resign in any of the following manners:
(a) Upon at least 30 days’ notice to the qualified beneficiaries, the settlor, if living, each cotrustee, each trust protector, and each directing party.
(b) With the approval of the court.
(2) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(3) Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation.